Jim Cramer said on CNBC's "Mad Money" that Childrens Place Inc (NASDAQ: PLCE) isn't going to be taken over. He would buy it because its competitor filed for bankruptcy. Cramer added that CEO Jane Elfers is doing a really good job. He doesn't expect the retail sector to perform well.

Lululemon Athletica inc. (NASDAQ: LULU) had a good quarter, but the stock didn't trade higher, explained Cramer. He is willing to take a risk and buy it at its current price.